FCCPC refutes reports of presidential approval for airtime credit market expansion

The Federal Competition and Consumer Protection Commission (FCCPC) has dismissed reports claiming that President Bola Tinubu approved plans to open Nigeria’s airtime credit market to nine new operators, stating that the commission was neither aware of nor involved in the claims attributed to it.

In a statement issued on Sunday, Ondaje Ijagwu, the FCCPC’s Director of Corporate Affairs, described as inaccurate media reports suggesting that the commission submitted the names of local fintech companies to the Presidency as part of efforts to reform the airtime credit market.

According to Ijagwu, the commission had no role in the alleged approvals and was not involved in any process leading to the reported expansion of the sector.

“The commission wishes to state clearly that it is not aware of, and was not involved in, the claims attributed to it in the report absolutely,” he said.

The reports, which appeared in several national newspapers on Friday and Saturday, alleged that President Tinubu had endorsed proposals by the FCCPC to restructure the airtime credit market and approved nine Nigerian fintech firms to participate in the sector.

The companies named in the reports include Technotrends Platforms Nigeria Limited, Total Tim Nigeria Limited, Fonyou Technologies Nigeria Limited, Rane Interactive Medien CLS Limited, MRS Innovation Nigeria Limited, Mode NG Applications Nigeria Limited, ERL Telecoms Service Limited, Cloud Interactive Associate Limited, and Coverage Broadband Limited.

However, the FCCPC reiterated that it had no involvement in the purported approvals and emphasised that the regulatory framework under which the firms were reportedly approved remains suspended.

Ijagwu explained that the implementation and enforcement of the DEON Consumer Lending Regulations 2025 had been halted following an interim injunction granted by the Federal High Court in Lagos on April 15, 2026.

The injunction was issued in a suit filed by the Wireless Application Service Providers Association of Nigeria (WASPAN), challenging aspects of the regulations.

“As a law-abiding public institution, FCCPC remains bound by the court order to suspend enforcement of the regulation pending the determination of the substantive case by the court, which has been fixed for July 20, 2026, for further hearing,” Ijagwu stated.

He added that the commission remains committed to following all lawful procedures in relation to the matter while fully complying with the directives of the court.

The FCCPC’s clarification comes amid growing public interest in the future of Nigeria’s airtime credit market and the role of fintech companies in expanding access to digital financial services.

The commission maintained that any changes to the regulatory framework would be pursued strictly within the bounds of the law and in accordance with ongoing judicial proceedings.